14-Unit Apartment
For Sale
$2,249,000
1217 Cedar Ave, Long Beach, CA 90813
The property includes onsite laundry, updated landscaping, and select units with renovated kitchens, bathrooms, and flooring.
Property Size8,086 SF
Price / SF$278.14
Days on Market12
Property Features for 1217 Cedar Ave
General Information
Standard status
Active
Size
8,086 SF
Property subtype
Income
Financials
Cap Rate
7.5%
Gross Rent Multiplier
8.7
Site & Location
Neighborhood
Willmore
Additional Details
Multifamily Units
14
Tenant in Place
Yes
Amenities
onsite laundry
Building Details
Year Built
1929
Listing Agency:
The Agency
Listed By:
Jonathan Swire · License #01336277
(310) 948-2631
Source:
Forwardinglewood
Added: Oct 19
Changed: Oct 28
Last Checked: Oct 28 at 3:34PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The Agency
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Investment Insights
Based on property information with market context.
This 14-unit apartment property in Long Beach contains 8,086 square feet and was built in 1929. Select apartments have updated kitchens, bathrooms, and flooring; the grounds also have refreshed landscaping and paint. Onsite laundry is available, while the property has no onsite parking. Electrical service includes a Siemens 200 AMP main panel and 30 AMP subpanels, subject to buyer verification.
The apartments are subject to AB 1482 rent control. The stated annual rent increase limit is 5% plus CPI, with CPI currently at 8.7%. The property is professionally managed.
The apartments are subject to AB 1482 rent control. The stated annual rent increase limit is 5% plus CPI, with CPI currently at 8.7%. The property is professionally managed.
Key Highlights
- 14 apartment units in Long Beach
- 8,086 square feet; built in 1929
- Subject to AB 1482 rent control; stated annual increase limit is 5% plus CPI, currently 8.7%
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$171,273
Cap Rate
7.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,425,460
$3.4M
Cap Rate 7%
$2,446,757
$2.4M
Cap Rate 9%
$1,903,033
$1.9M
Market Conditions
NOI Build-Up for 8,086 SF
Gross rent
$325.1K $40.20/SF
− Vacancy
−$13.7K −$1.69/SF
EGI
$311.4K $38.51/SF
− OpEx
−$140.1K −$17.33/SF
NOI
$171.3K $21.18/SF
Area
ZIP 90813
Vacancy
4.20%
Lease Rate
$40.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,425,460
Cap Rate 7%
$2,446,757
Cap Rate 9%
$1,903,033
Alternative Uses
Best Use
Apartment 5plus
$2.45M
$2.14M – $2.85M
NOI $171,273 @ 7.0% cap · market cap 7.62%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.66M
$2.32M – $3.10M
NOI $185,855 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
2,854
Businesses Nearby
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Business Placement
Demographics for 90813, CA
54,565
Population
18,603
Households
2.9
Avg Household Size
32
Median Age
16%
College-Educated
63%
High-School Grad
3.1 sq mi
ZIP Area
17,602
Density / Sq Mi
$50,302
Median Household Income
$31,450
Median Earnings
$1,578
Median Rent
$543,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - The property includes onsite laundry, updated landscaping, and select units with renovated kitchens, bathrooms, and flooring.
Where is this apartment building located?
The property is located at 1217 Cedar Ave Long Beach, CA.
What is the asking price?
The asking price for this property is $2,249,000.
What are key features of this property?
This property features: 14 apartment units in Long Beach; 8,086 square feet; built in 1929; Subject to AB 1482 rent control; stated annual increase limit is 5% plus CPI, currently 8.7%
